38135
Memphis, Tennessee

The 38135 ZIP code reports a median sale price of $315,000 as of February 2026, reflecting a marginal year-over-year decline of 0.2% that signals price stabilization rather than growth. Properties are moving at a moderate pace with an average 40 days on market, while only 13% of homes close above asking price. This data configuration indicates a market that has shifted decisively from the seller-dominated conditions of previous years, with pricing power now distributed more evenly between parties.

These conditions favor patient buyers with pre-approved financing who can negotiate from a position of relative strength, given that 87% of transactions close at or below list price. Sellers with properly priced homes still achieve reasonable turnover at 40 days, but those expecting bidding wars will face disappointment. Investment buyers seeking cash flow over appreciation should find the flat price trajectory manageable for underwriting purposes, though the thin 13% above-ask rate limits flip potential without substantial value-add renovations.

The PropIQ score of 65 reflects caution rather than alarm, suggesting elevated risk factors that warrant monitoring before committing capital. With near-zero price appreciation and moderate absorption rates, the next quarter will likely determine whether this market consolidates at current levels or resumes downward pressure. Inventory trends and the percentage of price reductions—currently unreported—remain critical leading indicators that could shift this market decisively in either direction within 60 to 90 days.